U.S. Senators Ted Cruz (R-Texas) and Cory Booker (D-N.J.) have sent a letter to the CEOs of Fortune 1000 companies, urging them to support Trump Accounts. These accounts were created through legislation authored by Senator Cruz and included in the One Big Beautiful Bill. Each account is a private, tax-advantaged investment vehicle for every American child at birth, initially funded with $1,000 from the federal government.
The senators' letter describes the accounts as a "groundbreaking new investment vehicle enacted as part of the One Big Beautiful Bill (OBBB) Act." They wrote, "These accounts will launch a once-in-a-generation expansion of economic opportunity and prosperity for every American child, helping millions of families realize the American dream through homeownership, education, or entrepreneurship."
Cruz and Booker highlighted that these accounts are designed to ensure "every American child is an immediate shareholder in America’s largest companies and will experience the miracle of compound growth through their lifetime." They compared Trump Accounts to 401(k)s and described them as "a transformative tool for building long-term financial security, expanding economic prosperity, and fundamentally restoring confidence in American capitalism."
The letter also encouraged corporate participation: "This initiative was deliberately designed to allow contributions not only from family, friends, and philanthropists, but also from employers who wish to invest in the future of their employees’ children. This structure creates a unique opportunity for corporate America to lead with action. Many companies have already pledged support, and we encourage your company to explore how you might contribute at a level aligned with your mission and capacity. By matching contributions for employees’ families, investing in the communities where you operate, or integrating these accounts into your philanthropic strategy, you can significantly enhance the impact of this historic initiative."
The senators concluded by linking this effort to America's upcoming 250th anniversary: "As America approaches the 250th anniversary of the signing of the Declaration of Independence, our Nation will rightly celebrate and honor the principles that still define our country today. The company you lead has a unique opportunity to participate in this celebration. We encourage you to join us in this effort to deliver generational impacts for the financial security and personal freedoms of American citizens for generations to come.”
Senator Ted Cruz has been re-elected multiple times. In 2024 he won against Colin Allred with 53.1% of the vote; he previously defeated Beto O'Rourke in 2018 with 50.9%, and Paul Sadler in 2012 with 56.5%.
